Treating Customers Fairly Programme

On the 1st March 2007, the Financial Standards Agency (FSA) implemented the "Treating Customers Fairly" legislation.  The new  legislation requires Independent Financial Advisor's (IFA's) to implement a process loop, where customer feedback is captured, and action taken to demonstrate the IFA is treating customers fairly.

FSA Milestones

April 2008
IFA's are expected to have appropriate management information or measures in place to test whether they are treating their customers fairly.

December 2008
All IFA's are expected to be able to demonstrate that they are consistently treating their customers fairly.

CSM offer an independent survey programme from £55.00 + VAT per monthly per IFA.

Call 0800 970 9940 to order this product.

Features

• Independent research
• One survey per year
• Anonymously benchmark your performance against other IFA's
• Stay in contact up to 100 customers per year

Why should you be thinking of this?

Firstly you need to do something, you are probably very busy, and you are thinking that this is just another task, cost, distraction...

Well yes it is, but you can turn this cost into a benefit....

By outsourcing this activity, you can demonstrate to your customers you are professional, the price per IFA is very cost effective when compared to doing it yourself.  Also by outsourcing you know it will happen on time, to budget.  But most importantly you get another two benefits...

• This is a benchmark, so you can see your results compared against your peers (all reports are coded, you will see all results, but only know which one is you).
• This is also a mechanism for reviewing sales.

What do we deliver for you?

CSM provides an independent method to measure customer feedback. The programme outputs give you clear direction on where you need to focus on your business. This enables you to manage by exception, that means, focus your resources where they are most needed.

Results

CSM provides clear, easy to read charts. For example, which are your top selling products? If you ask your customer the right question, you will identify:

This makes it easy to see where you are good at selling, it also highlights the gaps in your portfolio. If these were your results, what would you be doing over the next 90 days?

More Than One Staff Member?

OK, so let's drill into the detail. Imaging your company has three IFA's, we reviewed your overall product mix above. But can we improve your business by looking at each of the IFA's in turn? 

The above chart reviews each IFA, as seen by their individual customers. These are real results, and yes, this organisation has a strong focus on Retirement.  But if these were your results, what would you do to encourage best practice.  IFA3 is very good at selling Protection Insurance.  How then can the knowledge be transfered across all IFA's. What can the other IFA's learn from number three?

Areas Measured

We measure areas that will affect your business, but also apply to the legislation.  For example, how important is it that you work with your customers?